Nigeria now has five real estate investment trusts and related listed real estate vehicles with a combined market capitalisation of about $230 million, according to a new continental REIT assessment covering nine African markets. The sector remains small relative to Africa’s estimated $30 billion REIT market, which is overwhelmingly concentrated in South Africa.
The Nigerian market expanded in 2025 with the addition of Chapel Hill Denham Nigeria REIT and the MOFI Real Estate Investment Fund, joining UPDC REIT, SFS REIT and UHREIT. While the broader asset base has grown, Nigeria still trails larger African REIT markets in scale, liquidity and institutional participation.
Key Overview
- Nigeria has five REITs and related real estate investment vehicles identified in the latest market report.
- Their combined market capitalisation is estimated at about $230 million.
- Africa has 49 operational REITs with an estimated total market value of $30 billion.
- Listed African REIT market capitalisation is estimated at roughly $21 billion.
- South Africa accounts for around 92% of Africa’s REIT market value.
- Nigeria’s wider real estate fund sector had a reported ₦483.06 billion in net asset value at the end of 2025.
Nigeria’s REIT Market Expands to Five Vehicles
Nigeria’s REIT framework has existed since 2008, but the market was long concentrated around UPDC REIT, SFS REIT and UHREIT. Two newer vehicles expanded the landscape in 2025: Chapel Hill Denham Nigeria REIT and the MOFI Real Estate Investment Fund.
MREIF is especially significant because it combines real estate investment with housing-finance objectives. Its initial structure included ₦250 billion across two funding series, while the broader programme targets up to ₦1 trillion for housing finance and mortgage expansion.
The fund’s commercial tranche was later listed on the Nigerian Exchange in November 2025, widening the channels through which institutional and private capital can participate in the housing market.
South Africa Still Dominates the Continental Market
Africa’s REIT industry remains highly concentrated. The latest regional market findings estimate 49 operational REITs with about $30 billion in total market value and approximately $21 billion in listed market capitalisation.
South Africa alone accounts for roughly 92% of the continent’s REIT value, with more than $27 billion. Morocco follows at about $700 million, while Kenya is estimated at roughly $250 million. Nigeria’s $230 million market therefore remains a small fraction of the continental total despite the recent expansion in the number of vehicles.
The gap reflects structural differences in capital-market depth, institutional participation, trading liquidity and the maturity of regulatory and governance frameworks across African markets.
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Institutional Capital Could Determine Nigeria’s Next Phase
Institutional investors are central to the long-term development of REIT markets because they can supply large pools of patient capital. Nigeria has seen signs of rising pension-fund interest in real estate securities, although government fixed-income instruments can remain strong competitors when their yields are substantially higher.
Nigeria’s wider real estate fund industry is already much larger than the $230 million listed-market figure suggests. Year-end 2025 fund data put combined real estate fund NAV at ₦483.06 billion, equal to 6.30% of the country’s ₦7.67 trillion mutual-fund industry.
MREIF accounted for ₦269.85 billion of that NAV, while Nigeria REIT held ₦163.63 billion and UPDC REIT ₦33.10 billion. These NAV figures measure underlying fund assets and should not be treated as directly equivalent to the $230 million market-capitalisation estimate for Nigeria’s REIT market.
REIT Growth Could Broaden Property Financing
A deeper REIT market could give Nigerian developers and asset owners another route to long-term capital while allowing investors to gain property exposure without buying buildings directly. This could be particularly relevant for residential developments, logistics, healthcare, student housing and other property segments capable of producing recurring income.
MREIF’s housing-finance model illustrates the potential link between capital-market vehicles and housing delivery. The fund was designed to mobilise institutional and private capital while providing longer-term mortgage financing, creating a structure that can channel investment funds toward both housing supply and home ownership.
Nigeria’s REIT market is still modest compared with the largest African markets, but the entry of larger institutional vehicles has increased its scale. Future growth will depend on liquidity, competitive returns, regulatory clarity and whether more long-term capital moves into professionally managed real estate assets.
Sources
Fortren & Company / Ministry of Finance Incorporated / Nigeria Housing Market / Nairametrics / National Pension Commission
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